Clear Street has entered to a definitive agreement to acquire Instinet’s Fox River algorithmic trading business in a bid to enhance its equity trading capabilities for the buy- and sell-side.
Chris Pento
The transaction is expected to close in Q3 2024.
Fox River encompasses a comprehensive algorithmic execution solution for US and Canadian equities.
Chris Pento, chief executive and co-founder of Clear Street, said: “Fox River’s leading algorithmic trading capabilities add another key component to the value chain we offer. Known for their high-performance algos, white-glove service and flexible platform, Fox River has a longstanding and loyal client base, built on proven and respected products and services.
“This transaction further bolsters our suite of products tailored toward quantitatively focused clients.”
Following completion, Fox River is set to be integrated into Clear Street’s existing business.
Read more: Instinet completes acquisition of FIS algo trading business
“This transaction provides clear benefits to both firms. It allows Instinet to streamline our existing execution services offering and continue to concentrate our investment efforts on our core Algorithmic platform,” said Gerry Milligan, president and head of the Americas at Instinet.